ATLANTIC CITY, N.J. – Credit unions are always looking for new ways to grow. Tuesday afternoon at CU Reality Check, Lisa Renner, Co-Founder and Managing Principal, Renner Group, and collaboration expert, proved that competitive collaboration is the next generation growth strategy.
Renner challenges credit unions to take on collaboration as a growth strategy.
During her presentation, titled “Sleeping with the Enemy: How to collaborate with Your Competition for Exponential Growth”, Renner covered the keys to success in collaboration. She suggests knowing what your problem is and finding others who share that issue, know what assets you bring to the table, ask the right questions, and don’t let the “buts” get in the way.
Renner pointed out that Building trust between partners takes time—it doesn’t happen overnight. It starts by finding like-minded partners. Two components of like-mindedness, according to Renner, are philosophical alignment (beliefs and values) and strategic alignment (goals and expectations).
She also posed questions to the crowd throughout the presentation, such as “What priority is at or near the top of the list for your organization?” and “What makes you hesitate to collaborate?” Credit unions mostly answered "growth" as a top priority and cited "not finding trusted partners"to collaborate as why they hesitate.